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Housing Market Struggles as Mortgage Rates Soar to Record Highs

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Source: Investopedia
Housing Market Struggles as Mortgage Rates Soar to Record Highs
Photo: Investopedia
TL;DR

Rates on 30-year mortgages surged, reaching a new 20-year high of 7.70%, surpassing the late May peak. Rates on 15-year loans also rose dramatically, hitting a 15-year high of 7.11%. Jumbo 30-year rates climbed to their highest level since at least 2009. Refinancing rates jumped, with the 30-year refi average entering 8% territory. The recent surge in mortgage rates is attributed to a complex interaction of macroeconomic and industry factors, including the level and direction of the bond market, the Federal Reserve's monetary policy, and competition between mortgage lenders.

Topics:businessfinance#30-year-fixed-rate-mortgage#finance#housing-market#interest-rates#mortgage-rates#refinancing
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  1. 30-Year Mortgage Rates Jump Almost a Third of a Point to Reach New 20-Year High  Investopedia
  2. Why isn’t the housing market behaving the way it’s supposed to?  Yahoo Finance
  3. Monthly mortgage payments reach record highs in US  FOX 9 Minneapolis-St. Paul
  4. Mortgage rates spike to 6.81% shutting buyers 'out of the market'  Washington Examiner
  5. Housing Market Predictions July 2023: What to Expect From Real Estate Now  InvestorPlace

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